Biogen ‘freak out’ from Alzheimer’s release is ‘misplaced’, says Piper Jaffray

Piper Jaffray analyst Christopher Raymond is keeping his Overweight rating and $400 price target on Biogen after today’s disclosure of full BAN2401 phase 2 data in early Alzheimer’s patients. The analyst says the “freak out” afterhours – with shares trading down over 11% – on the “lack of a stat-sig benefit for CDR-SB” is misplaced, and shares will ultimately recover when investors put these data into perspective. Raymond also contends that the treatment’s safety profile is “within expectations”.

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